Respect to you for being so open and honest about this Luke, especially as a credit card youtuber. People say you absolutely need this if you want to travel using credit card points, but I think it's overhyped and overcomplicated for most people, even those who play the game a lot. Making sure you get the value you want from your setup is way more important than the 'flex' of holding the Platinum. Props to you for the bold stance!
Forcing ourselves to use credit is exactly what the banks want us to do! I appreciate the transparency in this one man. I have a lot of the same feelings about the Platinum card credits, hence why I chose to go with the Chase Sapphire Reserve + Venture X instead of the Platinum right now. Great video Luke! 👊🏼
@@LukesPointsandMilesCSR is a great card for travel/lodging. But AF should not be more than $450. Keep travel credit get rid of other credits to do so.
Bold move! I agree with your analysis Luke. I feel like many of the high annual fee Amex cards are rentals. We hold them while we can take advantage of the perks and benefits, but we're paying for them. We are all spending more money to take advantage of the perks and benefits of the Amex cards to try and "maximize" our value of holding them. Great memories, like you said, but at some point it makes sense to simplify and save. BTW - I feel the same statement credit burnout that Stan talks about.
This one made me smile! I love the fact you're so transparent about if the value actually adds up for you, your family, and your setup. Not every card is for everyone! Also for Clear credit, you can get a discount or free with status from both United and Delta, including hotel and rental car status.
You make a hell of a lot of great points! My card is coming up for renewal in January. With 4 authorized users plus the annual fee I’m looking at $1500! That’s just insane. I was hesitant about canceling, but you have given me the push I needed to pull the trigger. Unless they offer me some mind blowing offer, (which I doubt) it’s a wrap for the card! Thanks as always Luke!
Clear - Green Amex is $150/year, but gets you $189 clear for free! Plus 3x on all travel booked anywhere, 3x on restaurants. It's a great card and I don't know why people don't talk about it more.
Hi Luke, I agree with you. I have been going back and forth on canceling my Amex Platinum card. I was going to cancel last year in December when the annual fee was due, but I kept the card one more year. Not this year, I canceled my Platinum card last week.
Wow! An end of an era!! Uncle Luke, I like where you're heads at. When I think of someone who would benefit from the Amex Platinum, you're definitely one of the first that comes to mind! It takes a lot of introspection to truly decide if the Platinum is right for you as someone who travels so often internationally. I'm super excited to see how you plan on replacing this card in the future because I'll be taking notes! Right now I go to Amex lounges at least 4 times per month so the Platinum still makes sense for me, but if my travel habits change, I'll be following suit. And yes, complexity will find you as you get older and paying an annual fee to make your life harder is not ok!! Great video.
Wow Luke, big changes! But your reasons for canceling are the reasons I haven't yet applyed for the card. Currently I use my CSR for alp my travel related expenses. Even though it does have a $250 effective annual fee, the travel credit is a includes restaurants so its the only one I keep in my wallet, and the travel protections are best in class so I have piece of mind.
The Amex card is for frequent flyers, but most of us don't fly once a month. It's certainly not for families with the high AU fees. CSR gives PP restaurants and 2 free guests plus Chase Sapphire lounge access, and VX gets 4 free unlimited AUs plus the C1 lounge access. And credit wise, the $300 on both the CSR and the VX are so much easier to use and recoup the value from.
Hey Unk? Thank you for this excellent video. For 2024 I’m going to take your advice, and get rid of some of these annual fee credit cards. I’m not getting any younger, and I’m a widower now, so things have definitely changed in my life in several areas. Thank you for all that you do!
Good call on the trip delay and cancellation insurance. Booking round trip ticket is downside, since I like the flexibility of flying one way from different airports too
I canceled mine a year ago. Currently have the Citi Premier, Citi Advantage Executive (for admirals club access), Citi Advantage business, Amex Hilton Business. I am also an Authorized user on my wife’s Venture X for Priority Pass. I fly 3 trips a month on American and this setup simply works for me. Currently Platinum Pro with American and Diamond with Hilton. That’s all I need. I don’t miss waiting in line at the Centurion Lounge one bit….especially since my Airport has 2 Admirals Clubs.
Venture X, USB Altitude Reserve, and CSP will be my only annual fee travel cards in 2024. (excluding program specific cards). At least, that’s the plan as of now!🎉 Great Content!
Thank you sir. The fees aren’t exactly my problem, it’s the 13 thing I have to do to mitigate the fees. Something like the USBAR has that one generic credit. Easy to use.
Thanks for this vid. Giving it one more year because I have so many points and really just started taking advantage of some of these credits. Saks and hotel credit came in handy this holiday season.
$50 for a bowl of cereal 😂😂😂, that comment got me. Hey shoutout to Stan!!!…Ive been thinking about taking the plunge to get this card, so, this video has come at the right time for me. Good stuff as always uncle Luke!
Been watching you and your fellow CC youtubers for almost a year now and it's been great! I am rocking the VX, BILT MC, and United Explorer card right now. My player 2 has the CSP so those are our main work horses at the moment. Defiently going to upgrade to the CSR next year due to us being in Boston and the lounge there. Unfortuantly the AMEX Plat doesnt work for me. No cool lounges at my home airport, live in the suburbs don't take ubers or use Uber eats, don't go to Equinox, don't need Disney Plus, ect. Great card for some but kinda useless for others!
The only way I use my Uber is for UberEats pickup. Never delivery, because I live in the boonies. The UberEats prices are about 20% higher than the standard menu prices, but it's still a free meal at fast food places. Not enough to keep me from cancelling at renewal next year, though.
I am cancelling two Amex cards at their next annual fee due dates. I agree with your arguments, and it has really become a nuisance to manage thru the requirements to get value to offset the annual fee. Also, that whole Delta episode and how they weakened the Delta Reserve turned me off on that card as well. I find the Venture X so much easier to use and benefit from for travel, and it has better lounge access than the Amex Platinum in my view.
I only use priority pass lounges now and I never have issues finding a lounge, especially when you factor in (like you said) award tickets in business class already come with lounge access. Amex premium cards just make you spend more money by trying to use the credits, particularly the platinum card. There's only a couple credits on the platinum that truly justify themselves and all the other credits make you overspend in a more subtle manner, but still spend more than you would have otherwise.. If flexing is your main concern, then sure go for it, but you can get better value elsewhere instead of the platinum card imo.
Good points Luke this will be a video that’s gone make a lot of people consider downgrading or cancel . Nobody don’t use those credit it’s just a flex card at the end of the day
For Southwest flights, I use the gold card, for everything else trying to use the venture X, even though I'm not crazy about travel portals. If I want to go cash back I have the US bank altitude connect as well
Great honest down to earth video Luke! I love hearing your process. I’m betting your main card will be your venture X unless you live near an airport with a Sapphire lounge. Personally the only reason I have the Platinum card is because of the military fee waivers. Once those kick in I will probably switch to the Venture X myself. Maybe the Delta Reserve if I still need Skyclub access. With VX and Delta Reserve you get your money back from 2 events each year. $300 through the C1 portal and a companion certificate. That’s not a coupon book. Having just 2 things each year is better than over 20 events to make value with Platinum and Gold.
Great video! Love the honesty. I got the card thinking that I could benefit from it because I travel often.... but I had to be honest with myself and realize that these days I either don't have time to make it to the lounge, I'm hungry and don't want the crap food in the lounge or I'm traveling with other people, and I don't even use any of the other perks. So the $700 fee is just an extra expense that doesn't justify the value I get. I'm a traveler, but this card doesn't truly fit my lifestyle. I will cancel it too.
I have done trips in Europe and the hotel upgrade is amazing.... This card has made great moments in to amazing moments... I could careless about the coupon book etc, BUT I find everytime I book travel I look forward to the benefits... you will be back...lol
This video has inspired me to look at my Amex cards and reevaluate their worth. I think the platinum card has just become too complicated and does encourage spending I otherwise would not have. I really do not use any of the credits and the program just isn't as premium as it used to be. I can get way more value from the Chase Sapphire Reserve and C1 Venture X and not have to worry about the extra spending. I am simply looking to downsize and eliminate wasteful spending, great video as usual!
I about cancelled the Platinum card a few weeks back when I was at DFW and saw the line of nearly 100 people trying to get in the Centurion Lounge.. C1 Lounge is much better (IMO), but I've seen the crowds grow over the last 4-6 months.. last few times there's been a 15-30 min wait for the C1 Lounge.. What to do...
Thanks for sharing this. I don't use chase travel portal because I noticed it was actually more expensive to book there than if you used google flights. I'd rather get a good deal than points. So maybe one day Ill try the amex platinum but I feel like I'd just be spending more than I normally would like you said. I saw on the amex portal hotels are usually like $300-600/night if you're lucky. I'd rather spend $100 per night since I will be out and about most of the trip
I think I might I see a video in the future titled “Why I got the AMEX Platinum Again” 😂 I will be a fun experiment for sure brother! Keep up the great work!🫵
YUP, you KNOW he will come back around to the platty. He is like a jilted lover, who has a candle for his EX he hates and loves. Eventually that bleeding heart will bring him back to the platty that his heart secretly loves, but his mind is hating on
I love the majority of your videos Uncle Luke but this one hits home! You touched on so many great points to justify your plans to cancel the greatest travel card on the market and I don’t blame you for it, you’re right on the target!
If it wasn’t for getting the fee waived because I’m currently active duty , I would not stick with the plat but actually go for chase. I think the CSR is more powerful especially traveling overseas majority of countries don’t accept Amex . That 3x on travel like trains and buses will add up when using public transportation, so honestly I think that’s the card you’re gonna use!
Amex pushes the global acceptance idea but a recent trip to Iceland showed me amex doesn't have a good impression everywhere. Especially as I overheard a coffee shop owner explaining to other people amex wanting to charge them a merchant fee ~10%. Yikes. 3 other stops in Reykjavik and no amex acceptance just had me putting it back in the luggage and using the CSR for the trip
That was actually a great and honest video. One of my cards is the venture x, and I'm okbwith the priority and capital one lounges . Priority can be hit or miss in terms of being crowded. But I can respect it because I'm not spending 1000 bucks a year for it. Let's be honest, for the most part, if you're lucky you are only in there for 1.5 hours until u have to get your your gate anyway. For me , that's good for a few drinks and snacks . That's all my family and I need . Again, this is a great and honest video.
I use the chase reserve to book flights, yes even though I got the platinum too. You’ve got great reasons and I’ve asked myself every year about this one. I do pay for some necessary domestic (visit mom) yearly flights so that $200 is easy. Everything else is definitely questionable. I do use Uber eats every month. I think those two credits have kept me in la la land with this card…I’ve used the centurion lounge a handful of times this year (packed) as well as the delta sky club (JFK, actually not packed). The sky club was a great experience… the Amex offers are handy but yeah… interesting take…
I also cancelled my AX Plat, not for the cost but because of surly Centurion employees. Instead, I pay for Alaska Lounge+, which includes Admirals, Ritz-Carlton gives me Priority Pass, and United Million Miler gives me free lounge access when flying internationally (Canada this week). Ritz gave me two Be Relax massages and one Minute Suites visits this week. AX gets zero.
Great video. I agree with you, that those coupon book credits incentives to spend more. For example Uber, during this year I was forcing myself to order something just to use the prepaid credits and same for others. This is one of the most honest videos on the reasons why to cancel a card. This is great.
Love the channel and love your honesty about your experience with the Platinum. The one thing I’ve taken away from all of your videos and your peers videos is that we shouldn’t make a decision on a cc just because you say it. Our lives and experiences are different than yalls. You have outlined how these benefits in the platinum card don’t fit your lifestyle but for me and my life, I utilize almost all of these credits which is why I love my platinum card. For all of the followers out there- when choosing the right credit card for you, make sure you find a card that fits your lifestyle. Don’t make a decision just bc these people are saying what THEIR experience is.
Definitely agree with that though. They make you work for them. I’m also looking into the VentureX bc I want to see what the hype is all about. I haven’t considered the CSR bc I love my CSP. Love all of your videos and you’ve played a big part in my research to building the ultimate cc deck for me
Great video Luke...always keepin' it real! I am new enough to the game that it's still fun for me to extract max value out of all these cards, but I wonder if I will share your perspective after a few years. I used the FHR for the first time this year to take my P2 out for a nice night at a fancy hotel. I saved roughly $420, but still spent $500 that I otherwise wouldn't have spent. We had an awesome time but I'm not sure we will want to do that EVERY year.
You make some great points here. I’ve been debating downgrading to the Gold card and making the most of my dining spend as I have other cards that work well for travel, etc.
I left AmX years ago and migrated toward Chase. I am perfectly happy with just the basic Freedom lineup and the Sapphire Preferred. I don't need lounge access most of the time don't schedule that much time between flights anymore. I also picked up the Wells Fargo Autograph in hopes they may get in the Travel game. I can also go the cash back with this lineup. Freedom is bliss.
Seems only way to get value from lounges is ur home/departing airport has the lounges u want. Because very very rarely will I have a layover more than 2hrs. And that’s not enough for lounge.
Nailed it on the head. I canceled the platinum last year after only 12 months. I got the intro bonus which easily covered year one + authorized users. Came to the same conclusion that it wasn't a keeper for us. Substituted with Venture X. Love that my wife and I can bring in 2 guests each or more into lounges, and I also made 2 siblings and my mother in law AUs too. I frequently travel with my family overseas, and after scanning the most common airports we go through, Priority Pass and Plaza Premium has us covered. Venture X is so easy to get value from. Looking forward to hearing what you do in 2024. I think you were going to test drive CSP or CSR? Cheers.
Here in Canada our platinum card is 799 dollars (around 600 USD). Only reason I've kept it until recently is that our lounge access include unlimited Delta club access and Centurion access being complimentary for two guests without having to spend 75000. But I cancelled it recently as I realize the card begs you to spend more money to get more "value" rather than booking cheaper flights and hotels. Sure you save thousands on travel but you also spend thousands more to do so!
I've found that the same applies to the Hilton Aspire card. Don't get me wrong, I'm keeping it, but I do find myself booking more expensive hotels to take advantage of the diamond status and the F&B credits.
@@cjhan47 I feel like the resort credit being bi annually will give me the same issues. It’s forcing me to book a Hilton resort to use the credit when I don’t want to.
You tell ‘em Luke. There were so many times I couldn’t get into a Centurion lounge due to overcrowding. This was mostly due to the lax guest and authorized user policy. But now that I can actually get in I have to pay an extra $50 for just one guest. Amex has been really going downhill the last couple years in more ways than one.
Well, if the new policy made you not want to bring in additional people who aren’t AU then it contributed to less crowding in the lounges which was the entire point of the policy.
I had more of an issue with all the AUs who may not even be traveling with the primary card member. They should’ve just gotten rid of the excessive cheap AUs imo
Hi Luke! Really enjoyed your analysis and walking us through it. I’m experiencing a similar dilemma with my Venture X. Annual fee just hit and I don’t foresee any travel over the next year. I don’t really like $395 being prepaid for a portal I otherwise might not use. They get my $395 and I lose out on the interest it could otherwise be generating (about $20 in my HYSA)
Yeah that’s tough but I guess my service thoughts are - don’t get travel rewards cards unless you plan to travel “a lot”. A cash back set up is much much better for most folks.
@@LukesPointsandMileswith the sub in the first year it was definitely worth it. My thought is ironically to cancel the Venture X and open a platinum to keep most of the benefits for unexpected travel but be happy with the sub if I don’t go anywhere
the math doesnt math... dont close vx just to open the plat for sub.... just put the other 300 in af in your savings and have your vx crtedit on stand by in the event you do need to travel. unless if you think the plat is the better card over all for your life style and want that over the vx.@@FatStacksAcademy
@@giomardlion It is double the AF but I’ll get 150k MR so I’ll come out we’ll ahead and get some value at least from the Uber and digital entertainment credits. Won’t get that with year 2 of Venture X
Very interesting move here. I've been thinking more about what kind of value I'm getting from this card. I definitely don't feel "wealthy" enough for the Platinum, but it does fit my travel habits well since I find myself in a Centurion Lounge about once a month or more. That annual fee hurts though especially with the additional cost of the authorized user
If Luke can’t handle the Platinum’s coupon book system, what hope is there for the rest of us? The Platinum’s target demographic is much, much smaller than people think. It’s pretty simple: people who use would use those credits every year as if they just had a debit card. For me, the only one that passes that test is, weirdly, the Walmart credit. Oh and Luke, if you want Clear, consider downgrading to the Green card. The Green is underrated in my book and the annual fee is swallowed in whole by the Clear credit.
Your points in this video are largely what has driven me to team cashback almost full time now. Credits definitely encourage spending outside your normal habits. I know the categories I spend on regularly so optimizing a cashback setup for those doesn't lead to extra spending. Credits aren't evil but they definitely offer them to encourage spending. The Green Card has the same clear credit as the Platinum and it looks better anyway lol. Great video!
This was "straight no chaser" Luke👍🏾 I will be moving towards to the Chase business card side in 2024 for travel simplification. Also have my eyes on what Citi will do with Strata - if anything. But, my CS Platinum is still #1 for my usecase: 2-3 times/yr Bus/1st Int'l travel, lounge access, FHR), not to mention the cash-out option. When this changes, I will drop it quickly😎
Great point about the Fine Hotels & Resorts Credit. I feel a similar way to the Hotel Credit on the CSP. I wouldn't have ever used cash in most situations, because I simply earn points at a quicker rate than I travel and want to utilize them. So, great point that the Hotel Credit encourages overspending. Didn't know that the Uber Credit doesn't count toward Uber's internationally, that definitely sucks! Definitely think the Lounge Access is a huge + or - for the Platty really depending on if your home airport has a Centurion Lounge or you fly to a specific location often that has one too. Like you said though the Authorized User changes & paying for additional guests definitely make it tougher to justify, especially $50 for a bowl of cereal 😂Great video Luke!
Thank you!!! I was feeling a lot of people are forcing or trying to justify the $695 platinum card for lounge that may or may not be easy to get into if (a big IF) they fly (NOT travel) less then 3 times a year.
Great video, I agree that Amex P. is not a card for everyone, it only works for someone who love luxury travel. Friends of mine who got the Amex P because they can't fit in an economy seat so Amex is prefect for them. After reviewing all their benefit and compare it with Venture X, I found Venture X is more practical, I also found the Chase S R is a perfect card for anyone who travel once or twice per year.
Its a good thing that the Aspire has Clear and status then, since it looks like those are your most valued benefits from the Platinum (unless I missed a cancelation video)
Interesting video Uncle Luke!! You make some compelling reasons for why cancelling the Platinum card is right for you. I look forward to seeing what cards you use for lounge access and how youre travel experience is in 2024. Good stuff. Thanks for sharing. Could the Amex Gold be next.............
I’ll probably be cancelling too. At least I got the 150k bonus. For me, C1 premier collection has been better. Getting $200 for FHR is nothing to scoff at, but it’s not much when you consider the cost of the whole stay. I also don’t like that they started messing with my credits the first year I got it. They will claw back SUBs if you cancel within a year allegedly due to the credit card act, but they’ll change benefits on the fly. Probably some fine print but seems like a slight double standard and I don’t like it.
I charge my travel purchases to whatever card I’m working on a minimum spend on or sometimes my CIBP for 3x. I’ve got a yearly travel insurance plan so don’t worry too much about the travel insurance. I’m guessing maybe you’ll use your Venture X now or CIBP.
Interesting video, Mr. Luke, especially after raving about Amex for so long. Question for you: If I am not mistaken, you also have a Business Platinum Amex (or so I thought from your TH-cam on this card). Would you be giving that up too? As for me, I have the Business Platinum, but would prefer to have the personal because I would use most all of the credits - in fact the Equinox gym is just across the street from me, and being a city dweller, I use Uber a lot. I look forward to hearing the rest of your 2024 credit card strategy.
I feel alot of ppl are on the same page. We have churned alot of ccs this year and now it time to cancel some and garden as well. Especially since we are planning to get a home soon. Just need some of these inquiries to fall off.
I booked flights in business class and just by using their IAP fares, was able to save about $400 per pax versus what the airline was offering for the same exact ticket. There are many ways to skin a cat.. but you definitely need to travel to really use the potential for the card.
Capital one venture x is fantastic I was in same boat considering the Amex or just getting another C1 card. Since I already had savor one the pair together made a lot of sense. So far I’ve been very happy and no issues whatsoever. To get status I have another Marriott card as well.
Venture X and chase preferred are more than enough to substitute Platinum, Built and Citi cards will fill the void. Plus I remember you have few aspire cards, so nothing will really change, just less headaches and coupons to remember. This year my Gold card and Platinum will go too. I hate those coupons.
I love the Walmart plus credit, but when they added it to my business gold, It devalued my platinum and I downgraded it. $695 for that card just doesn’t make sense anymore
Great video! I've been on the fence on getting an amex platinum card because of the reasons you outlined! I didn't want to over spend and/or use cash just to make use of some credits.
I definitely feel you about lounge access for kids 😆 Have you considered down grading to the green? That will give you clear credit. I primarily use my green & CSP for travel. In the future i may upgrade to the CSR or try the VX, but waiting till i travel more
Thanks for the video. To each his own. If I did not have the Amex platinum. I would probably get the chase sapphire reserve. It would be too hard for me to give up the centurion lounge's. My home airport has a centurion lounge and we fly to Vegas about 6 times a year where there is another one.
Just get the reserve and don't look back lol. But I agree with feeling like you are spending just to lock in value from the credits. I'm debating downgrading my platinum to a gold unless there is a retention offer. The centurion lounge experience has not been the greatest and the digital entertainment credit is as useful as I had hoped.
Nice Video Luke. This card works for me for now at least. I use most of the credits except for the Equinox credit. I will keep it for now and revisit be decision when it;s time for bill the annual fee.
I really wanted to like the platinum but looking at the cost vs the benefits I just couldn't justify getting it. Hotel status is nice, but I'm not loyal to one brand. The credits are a lot to maintain, and some encourage you to spend money you wouldn't normally, like the $200 FHR credit. If I had to guess, I'm thinking you're getting the VX and the CSP. That way you have access to both of those ecosystems with limited cost and easy to access credits.
I think youll be using the Citi trifecta! not a lot of people have the citi premier and its a heck of a card, plus stacking it with the custom cash and double cash ? 95 dollars a year... easy win
I have an invite to get the Amex Platinum and I’ve crunched the numbers and they do not make sense to get it. But your video definitely helped me to make my firm decision.
Luke, I feel like this is an awful take on the FHR credit. I use it simply and every other year on a stay to vegas I book in December for sometime the following year, and then book another night the following year so I get another credit and a second night stay. I currently have myself planned for the Encore in Vegas next year. $100 after the credit, plus a $150 spa credit, and then heading over to the palazzo for my second night for a $50 after the credit, plus a $100 food credit. Easy use case.
I have this one, 1st year will be on July the $695 anual fee already get paid by itself on hotels and global entry discounts now I plan to call and cancel before they bill the anual fee an see how it goes I have heard that they sometimes relief that fee if not success I’ll just cancel, I never carry balance on this one BTW
I recently took a job with about a $100,000 pay cut. The platinum makes 0 sense to me now. I still daily drive the Hilton honors and gold card, but even those are hard to justify with a much smaller income.
@@LukesPointsandMiles absolutely. It would be nice if Amex’s portal had a breakdown and lets you know if you’ve used a benefit or not. But this card is like a car wash membership, they bank on you not using the benefit.
I have close to 40 cards from personal and business and I travel at least once a month on my own dime and on a budget. My combos have changed over the years but now #1 is the Bilt card. I don’t have rent but I moved my reacuring bills to the first and it’s my dining card and car rental. Have AA and Hyatt on one card makes the points very valuable. #2 I have the Citi AAdvantage for fuel and swiping at random places who don’t have tap to pay. I’ve spent many hours comparing points and AA points are usually the most valuable sometimes 4-5 cent for economy flights and they automatically give you main cabin. #3 I get use out of the credits and eat for free in airports more than I pay. Probably use the lounge 6-8 times this year. Side note I have most trifectas and duos and the Citi trifecta + Verizon card is one of my favorite to cover most life styles.
See here’s where it gets complicated. Math-wise or money-wise, the platinum card is absolutely worth it. It makes sense. But for me - I’m tired of using what little brain power I have to keep up with all the credit and stuff to keep it worth it. I’m simplifying things.
@@LukesPointsandMiles That's fair. I think you start focusing on the bigger picture instead of playing games for "crumbs". I guess I'm just clueless on how much $$ spend I need to get "true" value.
So I think I’m heading in the opposite direction for the same reasons. Flights I was getting for $.025/transferrable point are now down by half to $.0125. Next year I think I’m focusing first on meaningful/measurable privileges (AA Lounge Access, Hilton Diamond and FNCs) then on transferable point collection. 🤷🏼♂️ The only constant is change
I think Verizon offers the Disney deal for $10 a month. not sure wether that offer has ads or not vs amex plat credits deal but do agree there are better deals to be found
Respect to you for being so open and honest about this Luke, especially as a credit card youtuber. People say you absolutely need this if you want to travel using credit card points, but I think it's overhyped and overcomplicated for most people, even those who play the game a lot. Making sure you get the value you want from your setup is way more important than the 'flex' of holding the Platinum. Props to you for the bold stance!
Thank you sir. We had fun. Now it’s time to part ways. I don’t need it anymore.
Overhyped and over complicated is a fair statement.
@@MH_6160 can’t really argue that.
@@Shawn.credit no doubt.
I've been saying this for 3 years already. And I hold the three different personal platinum cards and I still say it's overhyped and overrated 😊
Forcing ourselves to use credit is exactly what the banks want us to do! I appreciate the transparency in this one man. I have a lot of the same feelings about the Platinum card credits, hence why I chose to go with the Chase Sapphire Reserve + Venture X instead of the Platinum right now. Great video Luke! 👊🏼
Thank you sir. Still looking hard at the CSR but I still can’t justifying that AF.
@@LukesPointsandMilesCSR is a great card for travel/lodging. But AF should not be more than $450. Keep travel credit get rid of other credits to do so.
@@newagain9964 tough for me to get that one for $550 and think I’m getting ahead.
What Amex card did you downgrade to?
Much respect for being a TH-camr who decided the Plat wasn't for him. There are some folks who push the card for the referral bonuses.
Ha! I’ve Never gotten many referrals. Not something I really focus on.
Respect for sure, too many TH-camrs push it as being the end all or be all, that and 5/24 matters to everyone.
@@MH_6160 ha! If you watch the channel you know I don’t pay any mind to 5/24!!
I never really got many referals. Maybe I need to change my strategy!
Bold move! I agree with your analysis Luke. I feel like many of the high annual fee Amex cards are rentals. We hold them while we can take advantage of the perks and benefits, but we're paying for them. We are all spending more money to take advantage of the perks and benefits of the Amex cards to try and "maximize" our value of holding them. Great memories, like you said, but at some point it makes sense to simplify and save. BTW - I feel the same statement credit burnout that Stan talks about.
Great minds think alike! Thanks for watching
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This one made me smile! I love the fact you're so transparent about if the value actually adds up for you, your family, and your setup. Not every card is for everyone! Also for Clear credit, you can get a discount or free with status from both United and Delta, including hotel and rental car status.
Thank Lani. I think I’m going to get that veterans discount for clear.
You make a hell of a lot of great points! My card is coming up for renewal in January. With 4 authorized users plus the annual fee I’m looking at $1500! That’s just insane. I was hesitant about canceling, but you have given me the push I needed to pull the trigger. Unless they offer me some mind blowing offer, (which I doubt) it’s a wrap for the card! Thanks as always Luke!
Yeah you are probably like me and you tell yourself “well I can afford it so why not keep it”. That’s a lot of money that could be soent elsewhere!!
@@LukesPointsandMiles you are so right! That can make a huge dent in regular household spending!
It’s amazing how easily Amex charge card holders are duped 😂
@@newagain9964 can’t argue that
Clear - Green Amex is $150/year, but gets you $189 clear for free! Plus 3x on all travel booked anywhere, 3x on restaurants. It's a great card and I don't know why people don't talk about it more.
I may actually downgrade to it. I really like this version of the green. Solid card.
Hi Luke, I agree with you. I have been going back and forth on canceling my Amex Platinum card. I was going to cancel last year in December when the annual fee was due, but I kept the card one more year. Not this year, I canceled my Platinum card last week.
Sometimes cards just don’t make sense no matter how much we want them to!!
Wow! An end of an era!! Uncle Luke, I like where you're heads at. When I think of someone who would benefit from the Amex Platinum, you're definitely one of the first that comes to mind! It takes a lot of introspection to truly decide if the Platinum is right for you as someone who travels so often internationally. I'm super excited to see how you plan on replacing this card in the future because I'll be taking notes! Right now I go to Amex lounges at least 4 times per month so the Platinum still makes sense for me, but if my travel habits change, I'll be following suit. And yes, complexity will find you as you get older and paying an annual fee to make your life harder is not ok!! Great video.
There’s always a chance I miss the centurion!!
Wow Luke, big changes! But your reasons for canceling are the reasons I haven't yet applyed for the card. Currently I use my CSR for alp my travel related expenses. Even though it does have a $250 effective annual fee, the travel credit is a includes restaurants so its the only one I keep in my wallet, and the travel protections are best in class so I have piece of mind.
That CSR is looking really good !!
yes sir, in 2024 i'm focused on building points not benefits
The Amex card is for frequent flyers, but most of us don't fly once a month. It's certainly not for families with the high AU fees. CSR gives PP restaurants and 2 free guests plus Chase Sapphire lounge access, and VX gets 4 free unlimited AUs plus the C1 lounge access. And credit wise, the $300 on both the CSR and the VX are so much easier to use and recoup the value from.
those are the two obvious players to step up and take the Platinum's place!!!
Gold Amex is what most people should have. It's a great card for people that don't fly frequently.
@@armyboy1207that’s an interesting take.
@@armyboy1207that’s an interesting take.
@@armyboy1207$250 (soon to be $300+) for gold card😂. U can get a no AF card with similar and better returns.
Hey Unk? Thank you for this excellent video. For 2024 I’m going to take your advice, and get rid of some of these annual fee credit cards. I’m not getting any younger, and I’m a widower now, so things have definitely changed in my life in several areas. Thank you for all that you do!
Glad it was helpful! I appreciate your kind words!
Gotta keep evolving with these cards!
Good call on the trip delay and cancellation insurance. Booking round trip ticket is downside, since I like the flexibility of flying one way from different airports too
Yeah I might do roundup on short domestic stuff but even then I’m mostly booking one ways on points.
I canceled mine a year ago. Currently have the Citi Premier, Citi Advantage Executive (for admirals club access), Citi Advantage business, Amex Hilton Business. I am also an Authorized user on my wife’s Venture X for Priority Pass. I fly 3 trips a month on American and this setup simply works for me. Currently Platinum Pro with American and Diamond with Hilton. That’s all I need. I don’t miss waiting in line at the Centurion Lounge one bit….especially since my Airport has 2 Admirals Clubs.
Very nice!!
Venture X, USB Altitude Reserve, and CSP will be my only annual fee travel cards in 2024. (excluding program specific cards). At least, that’s the plan as of now!🎉
Great Content!
Thank you sir. The fees aren’t exactly my problem, it’s the 13 thing I have to do to mitigate the fees. Something like the USBAR has that one generic credit. Easy to use.
Thanks for this vid. Giving it one more year because I have so many points and really just started taking advantage of some of these credits. Saks and hotel credit came in handy this holiday season.
I still think the credits are good. I’ve just tired of jumping through the hoops.
$50 for a bowl of cereal 😂😂😂, that comment got me. Hey shoutout to Stan!!!…Ive been thinking about taking the plunge to get this card, so, this video has come at the right time for me. Good stuff as always uncle Luke!
I keep trying to get Carlos to sit outside the door by himself but he doesn’t like that idea.
That was wild, made me chuckle for a while. 😂
Been watching you and your fellow CC youtubers for almost a year now and it's been great! I am rocking the VX, BILT MC, and United Explorer card right now. My player 2 has the CSP so those are our main work horses at the moment. Defiently going to upgrade to the CSR next year due to us being in Boston and the lounge there. Unfortuantly the AMEX Plat doesnt work for me. No cool lounges at my home airport, live in the suburbs don't take ubers or use Uber eats, don't go to Equinox, don't need Disney Plus, ect. Great card for some but kinda useless for others!
I can use a lot of the credits and I still want to get rid of it!!
The only way I use my Uber is for UberEats pickup. Never delivery, because I live in the boonies. The UberEats prices are about 20% higher than the standard menu prices, but it's still a free meal at fast food places. Not enough to keep me from cancelling at renewal next year, though.
What’s the MC?
@@samlewis8354 Mastercard
I am cancelling two Amex cards at their next annual fee due dates. I agree with your arguments, and it has really become a nuisance to manage thru the requirements to get value to offset the annual fee. Also, that whole Delta episode and how they weakened the Delta Reserve turned me off on that card as well. I find the Venture X so much easier to use and benefit from for travel, and it has better lounge access than the Amex Platinum in my view.
This won’t be my last Amex to downgrade or cancel this year.
I will be using the VX more but in 2024 I'm points focused and not benefits focused
I only use priority pass lounges now and I never have issues finding a lounge, especially when you factor in (like you said) award tickets in business class already come with lounge access. Amex premium cards just make you spend more money by trying to use the credits, particularly the platinum card. There's only a couple credits on the platinum that truly justify themselves and all the other credits make you overspend in a more subtle manner, but still spend more than you would have otherwise.. If flexing is your main concern, then sure go for it, but you can get better value elsewhere instead of the platinum card imo.
Good points Luke this will be a video that’s gone make a lot of people consider downgrading or cancel . Nobody don’t use those credit it’s just a flex card at the end of the day
Well I like to flex 💪🏿 but i guess I could just buy a new watch or something. 🤣
@@LukesPointsandMiles nice Luke 😂
For the first year at least, it’s great for getting a high bonus.
@@VincentPascual no doubt about that!!
For Southwest flights, I use the gold card, for everything else trying to use the venture X, even though I'm not crazy about travel portals. If I want to go cash back I have the US bank altitude connect as well
The gold card is still alive and kicking!
Great honest down to earth video Luke! I love hearing your process. I’m betting your main card will be your venture X unless you live near an airport with a Sapphire lounge.
Personally the only reason I have the Platinum card is because of the military fee waivers. Once those kick in I will probably switch to the Venture X myself. Maybe the Delta Reserve if I still need Skyclub access. With VX and Delta Reserve you get your money back from 2 events each year. $300 through the C1 portal and a companion certificate.
That’s not a coupon book. Having just 2 things each year is better than over 20 events to make value with Platinum and Gold.
Agreed, sir!!
Great video! Love the honesty. I got the card thinking that I could benefit from it because I travel often.... but I had to be honest with myself and realize that these days I either don't have time to make it to the lounge, I'm hungry and don't want the crap food in the lounge or I'm traveling with other people, and I don't even use any of the other perks. So the $700 fee is just an extra expense that doesn't justify the value I get. I'm a traveler, but this card doesn't truly fit my lifestyle. I will cancel it too.
I have done trips in Europe and the hotel upgrade is amazing.... This card has made great moments in to amazing moments... I could careless about the coupon book etc, BUT I find everytime I book travel I look forward to the benefits... you will be back...lol
You could very well be correct!!!
Most likely not lol he’s over it
Totally with you. I'm cancelling all my Amex cards except the BBP next cycle. I'd suggest the C1VX as your replacement.
VX is looking pretty good right now.
This video has inspired me to look at my Amex cards and reevaluate their worth. I think the platinum card has just become too complicated and does encourage spending I otherwise would not have. I really do not use any of the credits and the program just isn't as premium as it used to be. I can get way more value from the Chase Sapphire Reserve and C1 Venture X and not have to worry about the extra spending. I am simply looking to downsize and eliminate wasteful spending, great video as usual!
Yes sir!!
I've always thought the platinum/gold was never for the average person to be so popular
There’s some truth to that I think
I about cancelled the Platinum card a few weeks back when I was at DFW and saw the line of nearly 100 people trying to get in the Centurion Lounge.. C1 Lounge is much better (IMO), but I've seen the crowds grow over the last 4-6 months.. last few times there's been a 15-30 min wait for the C1 Lounge.. What to do...
I always visit the C1 lounge at DfW instead of the centurion.
Thanks for sharing this. I don't use chase travel portal because I noticed it was actually more expensive to book there than if you used google flights. I'd rather get a good deal than points. So maybe one day Ill try the amex platinum but I feel like I'd just be spending more than I normally would like you said. I saw on the amex portal hotels are usually like $300-600/night if you're lucky. I'd rather spend $100 per night since I will be out and about most of the trip
I think I might I see a video in the future titled “Why I got the AMEX Platinum Again” 😂 I will be a fun experiment for sure brother! Keep up the great work!🫵
It will likely be the MS or the CS version!!
@@LukesPointsandMiles yup, looking forward to that future video!
@@CesarJoel haha !!!! There’s a great chance.
YUP, you KNOW he will come back around to the platty. He is like a jilted lover, who has a candle for his EX he hates and loves. Eventually that bleeding heart will bring him back to the platty that his heart secretly loves, but his mind is hating on
I love the majority of your videos Uncle Luke but this one hits home! You touched on so many great points to justify your plans to cancel the greatest travel card on the market and I don’t blame you for it, you’re right on the target!
Thank you for the kind words!!!
If it wasn’t for getting the fee waived because I’m currently active duty , I would not stick with the plat but actually go for chase. I think the CSR is more powerful especially traveling overseas majority of countries don’t accept Amex . That 3x on travel like trains and buses will add up when using public transportation, so honestly I think that’s the card you’re gonna use!
Amex pushes the global acceptance idea but a recent trip to Iceland showed me amex doesn't have a good impression everywhere. Especially as I overheard a coffee shop owner explaining to other people amex wanting to charge them a merchant fee ~10%. Yikes. 3 other stops in Reykjavik and no amex acceptance just had me putting it back in the luggage and using the CSR for the trip
CSR is looking good.
Chase sucks, amex is superior
I do agree with you on most of those. That are is expensive and the value if not smart on how utilized can be more a loss than gain
It wasn’t really a loss for me as much as it was too much work to make work. I’d that makes sense.
Great Video Luke. Im cancelling my platitnum this year too. For same reasons. Keep up the graet work
Thanks for watching!!
That was actually a great and honest video. One of my cards is the venture x, and I'm okbwith the priority and capital one lounges . Priority can be hit or miss in terms of being crowded. But I can respect it because I'm not spending 1000 bucks a year for it. Let's be honest, for the most part, if you're lucky you are only in there for 1.5 hours until u have to get your your gate anyway. For me , that's good for a few drinks and snacks . That's all my family and I need .
Again, this is a great and honest video.
Thank you for the kind words!!
Thanks Luke, I’ve been having these thoughts but chalked it up to senior dementia. Thanks for saying it out loud.
No problem, Rick!!
I use the chase reserve to book flights, yes even though I got the platinum too. You’ve got great reasons and I’ve asked myself every year about this one. I do pay for some necessary domestic (visit mom) yearly flights so that $200 is easy. Everything else is definitely questionable. I do use Uber eats every month. I think those two credits have kept me in la la land with this card…I’ve used the centurion lounge a handful of times this year (packed) as well as the delta sky club (JFK, actually not packed). The sky club was a great experience… the Amex offers are handy but yeah… interesting take…
I definitely love the sky club!
I also cancelled my AX Plat, not for the cost but because of surly Centurion employees. Instead, I pay for Alaska Lounge+, which includes Admirals, Ritz-Carlton gives me Priority Pass, and United Million Miler gives me free lounge access when flying internationally (Canada this week). Ritz gave me two Be Relax massages and one Minute Suites visits this week. AX gets zero.
Sounds legit!
Great video. I agree with you, that those coupon book credits incentives to spend more.
For example Uber, during this year I was forcing myself to order something just to use the prepaid credits and same for others.
This is one of the most honest videos on the reasons why to cancel a card. This is great.
Thanks and yes I’ve ordered food just because I had credit. I’m ashamed. Haha
Love the channel and love your honesty about your experience with the Platinum. The one thing I’ve taken away from all of your videos and your peers videos is that we shouldn’t make a decision on a cc just because you say it. Our lives and experiences are different than yalls. You have outlined how these benefits in the platinum card don’t fit your lifestyle but for me and my life, I utilize almost all of these credits which is why I love my platinum card. For all of the followers out there- when choosing the right credit card for you, make sure you find a card that fits your lifestyle. Don’t make a decision just bc these people are saying what THEIR experience is.
Well yes and no. Almost all the credits actually kinda sorta fit me just fine. I’m just tired of jumping through hoops to use them
Definitely agree with that though. They make you work for them. I’m also looking into the VentureX bc I want to see what the hype is all about. I haven’t considered the CSR bc I love my CSP. Love all of your videos and you’ve played a big part in my research to building the ultimate cc deck for me
@@Gard_Dawg03 thanks for the kind words!!!
Great video Luke...always keepin' it real! I am new enough to the game that it's still fun for me to extract max value out of all these cards, but I wonder if I will share your perspective after a few years. I used the FHR for the first time this year to take my P2 out for a nice night at a fancy hotel. I saved roughly $420, but still spent $500 that I otherwise wouldn't have spent. We had an awesome time but I'm not sure we will want to do that EVERY year.
That’s a perfect example!!!
You’re getting a CSR for the Priority Pass Restaurants and the best one-way travel protections. Plus, you already have the VX.
Very good possibility.
You make some great points here. I’ve been debating downgrading to the Gold card and making the most of my dining spend as I have other cards that work well for travel, etc.
I’m thinking platinum is going away for me
I left AmX years ago and migrated toward Chase. I am perfectly happy with just the basic Freedom lineup and the Sapphire Preferred. I don't need lounge access most of the time don't schedule that much time between flights anymore. I also picked up the Wells Fargo Autograph in hopes they may get in the Travel game. I can also go the cash back with this lineup. Freedom is bliss.
I’m similar. Just give me tons and tons of points. I’ll do some economy stuff and some big league stuff. No credits please.
Seems only way to get value from lounges is ur home/departing airport has the lounges u want. Because very very rarely will I have a layover more than 2hrs. And that’s not enough for lounge.
Nailed it on the head. I canceled the platinum last year after only 12 months. I got the intro bonus which easily covered year one + authorized users. Came to the same conclusion that it wasn't a keeper for us. Substituted with Venture X. Love that my wife and I can bring in 2 guests each or more into lounges, and I also made 2 siblings and my mother in law AUs too. I frequently travel with my family overseas, and after scanning the most common airports we go through, Priority Pass and Plaza Premium has us covered. Venture X is so easy to get value from. Looking forward to hearing what you do in 2024. I think you were going to test drive CSP or CSR? Cheers.
I have the CSP but it’s getting changed. Either to the CSR or a FF. We shall see
Love this mentality. Currently use the CSR but if I stop getting value from the card then it’ll be on the chopping block too
That CSR is looking pretty good for the PP restaurants.
Here in Canada our platinum card is 799 dollars (around 600 USD). Only reason I've kept it until recently is that our lounge access include unlimited Delta club access and Centurion access being complimentary for two guests without having to spend 75000. But I cancelled it recently as I realize the card begs you to spend more money to get more "value" rather than booking cheaper flights and hotels. Sure you save thousands on travel but you also spend thousands more to do so!
Yes sir!!
I've found that the same applies to the Hilton Aspire card. Don't get me wrong, I'm keeping it, but I do find myself booking more expensive hotels to take advantage of the diamond status and the F&B credits.
Right on point…
@@cjhan47 I feel like the resort credit being bi annually will give me the same issues. It’s forcing me to book a Hilton resort to use the credit when I don’t want to.
“We can’t afford to save that much money!” 😂🎉
At 44, I'm feeling this. Been working my way in this direction for a little while now.
Yeah those of us in our 40’s have plenty on our plates.
You tell ‘em Luke. There were so many times I couldn’t get into a Centurion lounge due to overcrowding. This was mostly due to the lax guest and authorized user policy. But now that I can actually get in I have to pay an extra $50 for just one guest. Amex has been really going downhill the last couple years in more ways than one.
$50 for a child seems I a little excessive.
Well, if the new policy made you not want to bring in additional people who aren’t AU then it contributed to less crowding in the lounges which was the entire point of the policy.
@@EXPRECDJ can’t argue that.
I had more of an issue with all the AUs who may not even be traveling with the primary card member. They should’ve just gotten rid of the excessive cheap AUs imo
Hi Luke! Really enjoyed your analysis and walking us through it. I’m experiencing a similar dilemma with my Venture X. Annual fee just hit and I don’t foresee any travel over the next year. I don’t really like $395 being prepaid for a portal I otherwise might not use. They get my $395 and I lose out on the interest it could otherwise be generating (about $20 in my HYSA)
Yeah that’s tough but I guess my service thoughts are - don’t get travel rewards cards unless you plan to travel “a lot”. A cash back set up is much much better for most folks.
@@LukesPointsandMileswith the sub in the first year it was definitely worth it. My thought is ironically to cancel the Venture X and open a platinum to keep most of the benefits for unexpected travel but be happy with the sub if I don’t go anywhere
@@FatStacksAcademy But the Platinum is almost double the AF... not understanding what you want to do there.
the math doesnt math... dont close vx just to open the plat for sub.... just put the other 300 in af in your savings and have your vx crtedit on stand by in the event you do need to travel. unless if you think the plat is the better card over all for your life style and want that over the vx.@@FatStacksAcademy
@@giomardlion It is double the AF but I’ll get 150k MR so I’ll come out we’ll ahead and get some value at least from the Uber and digital entertainment credits. Won’t get that with year 2 of Venture X
Good point BUT if you already had Disney +, already do order through Uber… and travel 6+ times per year
It’s worth it!! It depends on your lifestyle
Yes the credit definitely make mitigate the annual fee for me.
Very interesting move here. I've been thinking more about what kind of value I'm getting from this card. I definitely don't feel "wealthy" enough for the Platinum, but it does fit my travel habits well since I find myself in a Centurion Lounge about once a month or more. That annual fee hurts though especially with the additional cost of the authorized user
Using the centurion lounge is awesome, but paying $50 to get a child in makes it a lost less awesome.
@@LukesPointsandMiles Yeah the $50 would be rough. When I have kids, I'm sure I'd never want to pay that fee
Nice overview look. DefinitelyTthings to consider, especially the lounge access part.
It’s really crazy that it’s $50 for a kid
I have both the platinum and platinum business. Debating which one to cancel, I’m leaning towards keeping the vanilla platinum
I've had both at the same time and at some point, it's just a part time job to keep track of everything.
If Luke can’t handle the Platinum’s coupon book system, what hope is there for the rest of us? The Platinum’s target demographic is much, much smaller than people think. It’s pretty simple: people who use would use those credits every year as if they just had a debit card. For me, the only one that passes that test is, weirdly, the Walmart credit. Oh and Luke, if you want Clear, consider downgrading to the Green card. The Green is underrated in my book and the annual fee is swallowed in whole by the Clear credit.
Good points!!
I wager that this is how one should treat every card.
@@RadBunny2269 at least every card with an AF.
For now. I’m sure green will see AF increase in 2025. But first up increase in gold card (it’s been while!).
@@newagain9964 if the good goes up I will definitely part ways
Your points in this video are largely what has driven me to team cashback almost full time now. Credits definitely encourage spending outside your normal habits. I know the categories I spend on regularly so optimizing a cashback setup for those doesn't lead to extra spending. Credits aren't evil but they definitely offer them to encourage spending. The Green Card has the same clear credit as the Platinum and it looks better anyway lol. Great video!
Thank you! And there
Is never anything wrong with cash back!!
Agreed. Green does look better than plat. Amex charge cards tho are outdated and don’t make sense. Relics of day long gone.
This was "straight no chaser" Luke👍🏾 I will be moving towards to the Chase business card side in 2024 for travel simplification. Also have my eyes on what Citi will do with Strata - if anything. But, my CS Platinum is still #1 for my usecase: 2-3 times/yr Bus/1st Int'l travel, lounge access, FHR), not to mention the cash-out option. When this changes, I will drop it quickly😎
I’m going to try to get by without the platty but if I come back it will likely be with the Schwab.
Great point about the Fine Hotels & Resorts Credit. I feel a similar way to the Hotel Credit on the CSP. I wouldn't have ever used cash in most situations, because I simply earn points at a quicker rate than I travel and want to utilize them. So, great point that the Hotel Credit encourages overspending. Didn't know that the Uber Credit doesn't count toward Uber's internationally, that definitely sucks! Definitely think the Lounge Access is a huge + or - for the Platty really depending on if your home airport has a Centurion Lounge or you fly to a specific location often that has one too. Like you said though the Authorized User changes & paying for additional guests definitely make it tougher to justify, especially $50 for a bowl of cereal 😂Great video Luke!
Thank you sir! I'm hoping Priority Pass Lounges can keep us away from the general population enough.
Thank you!!! I was feeling a lot of people are forcing or trying to justify the $695 platinum card for lounge that may or may not be easy to get into if (a big IF) they fly (NOT travel) less then 3 times a year.
Oh yeah the platinum is for someone who fly at least 8-10 times a year. Anything less and you’re cutting it close
Great video, I agree that Amex P. is not a card for everyone, it only works for someone who love luxury travel. Friends of mine who got the Amex P because they can't fit in an economy seat so Amex is prefect for them. After reviewing all their benefit and compare it with Venture X, I found Venture X is more practical, I also found the Chase S R is a perfect card for anyone who travel once or twice per year.
Its a good thing that the Aspire has Clear and status then, since it looks like those are your most valued benefits from the Platinum (unless I missed a cancelation video)
Still have the two aspires but those changes didn’t help me much.
Interesting video Uncle Luke!! You make some compelling reasons for why cancelling the Platinum card is right for you. I look forward to seeing what cards you use for lounge access and how youre travel experience is in 2024. Good stuff. Thanks for sharing. Could the Amex Gold be next.............
Thank job and yes all eyes on are they gold in 2024.
Really good points here! I am also one for simplifying things these days
Thanks for watching!!
Canadian Platinum user, exact sane spot as you thinking. I have come to conclusions as well. Why do I have this card?
Cancelling soon!
thanks for watching!!
I’ll probably be cancelling too. At least I got the 150k bonus. For me, C1 premier collection has been better. Getting $200 for FHR is nothing to scoff at, but it’s not much when you consider the cost of the whole stay.
I also don’t like that they started messing with my credits the first year I got it. They will claw back SUBs if you cancel within a year allegedly due to the credit card act, but they’ll change benefits on the fly. Probably some fine print but seems like a slight double standard and I don’t like it.
I can understand your feelings.
I charge my travel purchases to whatever card I’m working on a minimum spend on or sometimes my CIBP for 3x. I’ve got a yearly travel insurance plan so don’t worry too much about the travel insurance. I’m guessing maybe you’ll use your Venture X now or CIBP.
I will definitely use those two and I’m looking hard at the CSR
Interesting video, Mr. Luke, especially after raving about Amex for so long. Question for you: If I am not mistaken, you also have a Business Platinum Amex (or so I thought from your TH-cam on this card). Would you be giving that up too? As for me, I have the Business Platinum, but would prefer to have the personal because I would use most all of the credits - in fact the Equinox gym is just across the street from me, and being a city dweller, I use Uber a lot. I look forward to hearing the rest of your 2024 credit card strategy.
I had the biz platinum a while ago but canceled it
I’m Canadian and use mostly aeroplane, Marriott and air miles. Or whoever has bonus points offers
Aeroplan is a heavy hitter in the redemption game!!
I feel alot of ppl are on the same page. We have churned alot of ccs this year and now it time to cancel some and garden as well. Especially since we are planning to get a home soon. Just need some of these inquiries to fall off.
Same boat. I hate over 30 cards and I’m not getting approved anymore. Haha
I'm guessing Venture X will be your go to card. So will you drop the AMEX Gold as well? Thanks for the info + video!
Not sure yet the gold is always on the chopping block
the walmart benefit allows me to get gas at sams ..that alone pays for the card. I did learn the hard way about the Uber credit in mexico.
Yeah I learned the Uber credit didn’t work while in Prague.
I booked flights in business class and just by using their IAP fares, was able to save about $400 per pax versus what the airline was offering for the same exact ticket.
There are many ways to skin a cat.. but you definitely need to travel to really use the potential for the card.
I agree Luke. While other TH-camrs try to justify for the annual fee, you try to justify for your LIFESTYLE.
Let me live!! 🤣
I did not expect this video from you Luke. I can definitely understand wanting to take a break from that platinum card though
At this point in my journey, I just want points. Not benefits.
Capital one venture x is fantastic I was in same boat considering the Amex or just getting another C1 card. Since I already had savor one the pair together made a lot of sense. So far I’ve been very happy and no issues whatsoever. To get status I have another Marriott card as well.
Yes sit. Thanks for watching!!
Great video. I completely agree with every point you’ve made about the platinum card. I’ve been feeling the same way.
I’m hoping to feel a little freer without having to keep track of all the credits.
Venture X and chase preferred are more than enough to substitute Platinum, Built and Citi cards will fill the void. Plus I remember you have few aspire cards, so nothing will really change, just less headaches and coupons to remember. This year my Gold card and Platinum will go too. I hate those coupons.
Looking hard at the gold. I really despise those credits.
Same here, I'm 100 percent canceling this January.
It was fun while it lasted!!
I love the Walmart plus credit, but when they added it to my business gold, It devalued my platinum and I downgraded it. $695 for that card just doesn’t make sense anymore
Great video! I've been on the fence on getting an amex platinum card because of the reasons you outlined! I didn't want to over spend and/or use cash just to make use of some credits.
It’s a card that needs constant evaluation
I definitely feel you about lounge access for kids 😆
Have you considered down grading to the green? That will give you clear credit.
I primarily use my green & CSP for travel. In the future i may upgrade to the CSR or try the VX, but waiting till i travel more
I’m still trying to do figure out what will replace the Platinum. I have the VX and the aspire gives clear
I am thinking the same!!!
Great minds, think alike!!
Thanks for the video. To each his own. If I did not have the Amex platinum. I would probably get the chase sapphire reserve. It would be too hard for me to give up the centurion lounge's. My home airport has a centurion lounge and we fly to Vegas about 6 times a year where there is another one.
That makes sense - when we had our creator meetup in Vegas, i had to wait outside the centurion before they let me in.
Struggling with so many cards and points. I feel the need to minimize yet maximize next year as well.
In 2024 I’m all about the points. Forgot the extras.
Just get the reserve and don't look back lol. But I agree with feeling like you are spending just to lock in value from the credits. I'm debating downgrading my platinum to a gold unless there is a retention offer. The centurion lounge experience has not been the greatest and the digital entertainment credit is as useful as I had hoped.
Those high AF cards need to be constantly evaluated!
@@LukesPointsandMiles yea they do. Effective annual fee is Kool but when that fee is due it is due!
@@SmoothMoneyMoves so true!
Luke - Smart decision. Keep the GOLD though - Currently using Cap 1 VX for travel. So far so good. DFW Lounge, Luv it. (Happy New YR!)
Honestly the cap1 savor 1 may replace the gold card for a clean sweep
@LukesPointsandMiles OHH, You realllly cleaning house. 😊
@@itskat55 quite possibly!!!
Nice Video Luke. This card works for me for now at least. I use most of the credits except for the Equinox credit. I will keep it for now and revisit be decision when it;s time for bill the annual fee.
Nice! Enough of the credits work great for me but I’m really just tired of keeping track of all of them.
@@LukesPointsandMiles I completely understand.
I really wanted to like the platinum but looking at the cost vs the benefits I just couldn't justify getting it. Hotel status is nice, but I'm not loyal to one brand. The credits are a lot to maintain, and some encourage you to spend money you wouldn't normally, like the $200 FHR credit.
If I had to guess, I'm thinking you're getting the VX and the CSP. That way you have access to both of those ecosystems with limited cost and easy to access credits.
I have both the VX and the CSP
I think youll be using the Citi trifecta! not a lot of people have the citi premier and its a heck of a card, plus stacking it with the custom cash and double cash ? 95 dollars a year... easy win
I call that the “just give me the darn points” trifecta!!
I have an invite to get the Amex Platinum and I’ve crunched the numbers and they do not make sense to get it. But your video definitely helped me to make my firm decision.
These card companies are really good at getting us to do things we wouldn’t do!! Haha
Luke, I feel like this is an awful take on the FHR credit. I use it simply and every other year on a stay to vegas I book in December for sometime the following year, and then book another night the following year so I get another credit and a second night stay. I currently have myself planned for the Encore in Vegas next year. $100 after the credit, plus a $150 spa credit, and then heading over to the palazzo for my second night for a $50 after the credit, plus a $100 food credit. Easy use case.
That’s a great use. But that’s not something I do.
I have this one, 1st year will be on July the $695 anual fee already get paid by itself on hotels and global entry discounts now I plan to call and cancel before they bill the anual fee an see how it goes I have heard that they sometimes relief that fee if not success I’ll just cancel, I never carry balance on this one BTW
Don’t attempt to cancel it until the fees shows up. You could get your points clawed back for canceling within a year
I recently took a job with about a $100,000 pay cut. The platinum makes 0 sense to me now. I still daily drive the Hilton honors and gold card, but even those are hard to justify with a much smaller income.
For me it’s not exactly the $, it’s the fact that I have to remember 17 different things to get the value back from the card.
@@LukesPointsandMiles absolutely. It would be nice if Amex’s portal had a breakdown and lets you know if you’ve used a benefit or not. But this card is like a car wash membership, they bank on you not using the benefit.
@@HardHatEugene ha! True!!
I have close to 40 cards from personal and business and I travel at least once a month on my own dime and on a budget. My combos have changed over the years but now #1 is the Bilt card. I don’t have rent but I moved my reacuring bills to the first and it’s my dining card and car rental. Have AA and Hyatt on one card makes the points very valuable. #2 I have the Citi AAdvantage for fuel and swiping at random places who don’t have tap to pay. I’ve spent many hours comparing points and AA points are usually the most valuable sometimes 4-5 cent for economy flights and they automatically give you main cabin. #3 I get use out of the credits and eat for free in airports more than I pay. Probably use the lounge 6-8 times this year. Side note I have most trifectas and duos and the Citi trifecta + Verizon card is one of my favorite to cover most life styles.
Citi is very underrated as an issuer.
Is it worth it with the $150 AF credit I'm receving with having a qualified corporate card?
See here’s where it gets complicated. Math-wise or money-wise, the platinum card is absolutely worth it. It makes sense. But for me - I’m tired of using what little brain power I have to keep up with all the credit and stuff to keep it worth it. I’m simplifying things.
@@LukesPointsandMiles That's fair. I think you start focusing on the bigger picture instead of playing games for "crumbs". I guess I'm just clueless on how much $$ spend I need to get "true" value.
@@itstayayg193 I like that analogy! The bigger picture for me is just the points.
So I think I’m heading in the opposite direction for the same reasons. Flights I was getting for $.025/transferrable point are now down by half to $.0125. Next year I think I’m focusing first on meaningful/measurable privileges (AA Lounge Access, Hilton Diamond and FNCs) then on transferable point collection. 🤷🏼♂️ The only constant is change
Nice! I’m actually just focused on the points right now
Why not downgrade to the green? That will allow you to keep the clear credit plus you can still earn points for travel in a more flexible manner
Was going to say that. The Green is a far better travel card for most people.
Great idea!!!
Exactly what I was scrolling down to add! $150 fee for a $189 credit, plus a rare card with a very broad travel category.
I think Verizon offers the Disney deal for $10 a month. not sure wether that offer has ads or not vs amex plat credits deal but do agree there are better deals to be found
I just got the C1 Venture X and I’m looking to cancel my CSP this year after I redeem all of my points.
You don’t have to cancel the CSP, you could just downgrade it to a no annual fee chase card.